Key Events Around the Globe: March 23

UK BoE Hold Draws Hawkish Read From Analysts, Hike Risks Move Into View

The Bank of England kept interest rates unchanged at 3.75% at its March meeting, but analysts say the decision came with a surprisingly hawkish tone that has shifted market expectations and raised the possibility of rate hikes rather than cuts in the months ahead.

The central bank’s Monetary Policy Committee voted unanimously to hold rates steady as it assesses the economic impact of the Middle East conflict and rising energy prices. While the hold was widely expected, the hawkish messaging caught many analysts off guard and triggered a sharp repricing in UK rates markets.

Rising Gas Prices Hitting Us Household Finances and More Pain Is Expected, Reuters/Ipsos Poll Finds

Rising gasoline prices are already starting to bite U.S. household finances and Americans overwhelmingly expect fuel costs will keep climbing as President Donald Trump’s war with Iran crimps global oil supplies, a new Reuters/Ipsos poll found.

Some 55% of respondents in the Tuesday-through-Thursday poll said their household finances had taken at least “somewhat” of a hit from the increases in gas prices. Among those seeing an impact, 21% said their finances were affected “a great deal.”

The average price of gasoline in America has surged by nearly a dollar per gallon since February 28 when the U.S. and Israel attacked Iran, prompting Iranian counterstrikes on the energy installations of U.S. allies and the effective closure by Iran of the Strait of Hormuz, which carries one-fifth of the global oil supply.

Hong Kong Inflation Climbs To 9 Month High

Hong Kong’s consumer price inflation increased in February to the highest level in nine months. The consumer price index, or CPI, climbed 1.7 percent year-over-year in February, faster than January’s rise of 1.1 percent. Food inflation rose to 0.9 percent from 0.5 percent, and the annual price growth in transportation quickened to 4.3 percent from 1.1 percent.

Taiwan’s Export Order Growth Eases In February

The export order growth in Taiwan moderated for the first time in four months in February. Export orders rose 23.8 percent year-over-year in February, much slower than the 60.1 percent surge in January. Orders for information and communication products grew 55.2 percent from last year, while foreign demand for textile products fell 21.3 percent.

Source: HSL Prime Daily, 23 March 2026